Property investment platform Cogress has entered administration.
A notice on the Innovative Finance ISA (IFISA) provider’s website said the company’s directors have placed it into administration and appointed Geoffrey Bouchier and Benjamin Wiles of Kroll Advisory as joint administrators.
It is so far unclear what will happen with investor funds, including those in its IFISA but it appears that the developments and property projects will be managed as usual through Kroll Advisory.
The company hasn’t yet given a reason for entering administration. Peer2Peer Finance News has asked for further comment.
“The administrators will assume responsibility for managing the company’s affairs which includes the continuation of the services to certain limited partnerships,” a note on the Cogress website said.
“The company, acting by the joint administrators, has replaced the general partner in the limited partnerships on all active developments and, as such, continue to provide services.
“In this way, the joint administrators will oversee the completion of the remaining developments during the administration process with assistance from the company’s existing employees.”
It said partners of limited partnerships with active developments have been separately written to and updates on specific projects will be provided as usual.
Cogress launched in 2014 and provided a mix of debt and equity property development investment opportunities to high-net-worth and self-certified sophisticated investors.
It was regulated as an alternative fund manager and provided an IFISA for retail investors.
The platform had paused all new lending amid the pandemic in early 2020 but became the exclusive funding partner in the UK and Europe for Latin American hotel chain Selina in October of that year.